Maryland Securities expects the 1m sq ft scheme town centre scheme to create 1,000 construction jobs as it advances through several phases.
The developer aims to deliver more than 300 new homes, commercial and cultural facilities, a new hotel, cafes and restaurants on a 15-acre Eckersley Mills site bounded by the Leeds Liverpool Canal and the River Douglas.
The scheme could take between eight and 10 years to complete.
Wigan Council leader Lord Peter Smith said: “This project will be a major economic boost for Wigan and we appreciate the detailed work that has been done by the developers and council staff. The real job is for us to deliver the vision and the jobs.”
Graham Stock, planning partner at Drivers Jonas Deloitte, added: “The combination of heritage value, water frontages, size and scale, pledged support and locational factors makes this scheme unique and stand out on a regional basis at this time.”